Standard Bank half-year profit up 38%
Standard Bank has reported a 38% increase in its half-year profits, with the lender posting a solid N$505 million for the period ended, its unreviewed consolidated interim results showed.
Noting the improvement in profit, the bank said this was driven by higher trading and transaction volumes in addition to retaining costs.
“Funding optimisation, higher trading and transactional volumes have contributed to the group’s strong performance in the first half of 2024. Profit grew by 38% period-on-period to N$505.7 million. The cost-to-income ratio decreased to 54.9% from 58.2% in June 2023 and return on equity improved from 15.6% in December 2023 to 18.6% in June 2024,” Standard Bank said.
The bank also witnessed positive activity related to loans and advances it made to customers, which saw it net N$1 billion in net interest income for the six-month period.
“Net interest income increased by 18.3% to N$1 billion. This increase is attributable to the growth in loans and advances to customers of 5.0% and the realisation of funding optimisation strategies, which improved the net interest margin to 6%,” Standard Bank said.
Continued customer service innovation
With regard to transaction volumes and client activities, Standard Bank was able to raise N$765.1 million in non-interest revenue, a 13.3% increase over the six-month period.
“Growth in transaction volumes and client activities resulted in a 13.3% increase in non-interest revenue to N$765.1 million. Trading revenue growth of 37.7% to N$122.4 million was driven by increased transaction volumes and volatility in the currency markets,” it said.
Looking ahead, the bank said it would turn its attention to increased activities to drive customer satisfaction while also looking at innovative solutions.
“Looking ahead, we remain steadfast in fulfilling our purpose through our pursuit of innovation, excellence and customer satisfaction. We eagerly anticipate a future marked by shared success, sustainable growth and creation of enduring value,” Standard Bank said.
Noting the improvement in profit, the bank said this was driven by higher trading and transaction volumes in addition to retaining costs.
“Funding optimisation, higher trading and transactional volumes have contributed to the group’s strong performance in the first half of 2024. Profit grew by 38% period-on-period to N$505.7 million. The cost-to-income ratio decreased to 54.9% from 58.2% in June 2023 and return on equity improved from 15.6% in December 2023 to 18.6% in June 2024,” Standard Bank said.
The bank also witnessed positive activity related to loans and advances it made to customers, which saw it net N$1 billion in net interest income for the six-month period.
“Net interest income increased by 18.3% to N$1 billion. This increase is attributable to the growth in loans and advances to customers of 5.0% and the realisation of funding optimisation strategies, which improved the net interest margin to 6%,” Standard Bank said.
Continued customer service innovation
With regard to transaction volumes and client activities, Standard Bank was able to raise N$765.1 million in non-interest revenue, a 13.3% increase over the six-month period.
“Growth in transaction volumes and client activities resulted in a 13.3% increase in non-interest revenue to N$765.1 million. Trading revenue growth of 37.7% to N$122.4 million was driven by increased transaction volumes and volatility in the currency markets,” it said.
Looking ahead, the bank said it would turn its attention to increased activities to drive customer satisfaction while also looking at innovative solutions.
“Looking ahead, we remain steadfast in fulfilling our purpose through our pursuit of innovation, excellence and customer satisfaction. We eagerly anticipate a future marked by shared success, sustainable growth and creation of enduring value,” Standard Bank said.
